Blender is really the best and most full featured 3-D modeling and graphics software. Blender is really suite for professional use. In fact, some animation movies have already been created with Blender. It has also been used for some pre-production work for Spiderman-2.

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Blender can be used for 3D modelling, animation, texturing, water simulation, rendering, and a lot more. Blender is completely free, and works on all major OS, including Windows, Linux, Mac OS X, OpenBSD, and lot more.

Sculptris is another great free 3-D modeling software. Unlike Blender, Sculptris is a lot easier to use. You can quickly make some nice 3-D shapes and 3-D faces with Sculptris. In fact, even kids can create 3-D models easily with Sculptris.

Apart from that, Sculptris does not consumes lot of system resources. The interface is quite intuitive, and is organized in the same manner as any image editing software. All the tools are organized nicely, and you can pick any of them to start your 3-D modeling.

TrueSpace is a free 3-D modeling and authoring package. Truespace lets you model, texture, light, animate and render 3D content. Apart from traditional images and movies, you can also make 3D content for online shared spaces, and for Virtual Earth.

You can export your 3-D creations, and load them in Virtual Earth. You can also load 3-D models to some of the game engines. You can also use it for Industrial 3-D modeling to create machine parts, and also show their animation.

Art of Illusion is free and open source 3D modeling and 3D rendering software. Apart from graphical tools to create 3-D models, Art of Illusion also has a graphical language for designing procedural textures and materials.

All these free 3-D modeling software stand apart in their niche. These let you create simple looking models to advanced animated movies. Take your pick.